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Mortgage while on fixed employment contract

Mortgage while on fixed employment contract

Old Feb 25th 2008, 6:18 am
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Question Mortgage while on fixed employment contract

Hello
Can anyone tell me if it's possible to get a mortgage in NZ while on a fixed term employment contract? The contract is for 12 months, but before I accept it, I really want to make sure I can still obtain a mortgage for a property.

Anyone else in a similar situation and been successful?

Do you think I should just ring the banks and ask?

Thanks
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Old Feb 25th 2008, 7:11 am
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Default Re: Mortgage while on fixed employment contract

Originally Posted by miss_ck View Post
Hello

Anyone else in a similar situation and been successful?

Do you think I should just ring the banks and ask?

Thanks
Got it in one - give the banks a call. We've got a mortgage on a 12 month working holiday visa but with a permanent contract.

We have ALSO got a mortgage based on my perm job AND T's 6 month short term job so it is possible I reckon.

I know a chap who works with Westpac here in ChCh who is a decent bloke. If you want, I'll PM you his number so you can email or call him. Also know a lass in ANZ who does the same so that'll give you 2 folks to chat to.

Good luck
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Old Feb 25th 2008, 8:28 pm
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Default Re: Mortgage while on fixed employment contract

What type of visa will you be coming out on? Or will you have PR? What percentage mortgage do you need - under 80% of the purchase price the banks willing lend it seems. You may have problems if you want 95% or higher but only in that they will charge a higher than current variable rate on repayments as you'll be classed as high risk. If you monthly mortgage repayments are no more than 40% of your income, after tax and allowing for living costs (electric, rates, etc) then it should be ok, but like Wiz said, best ring and check with the banks first.
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Old Feb 25th 2008, 10:51 pm
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Default Re: Mortgage while on fixed employment contract

Originally Posted by Wiz'n'Ton View Post
Got it in one - give the banks a call. We've got a mortgage on a 12 month working holiday visa but with a permanent contract.

We have ALSO got a mortgage based on my perm job AND T's 6 month short term job so it is possible I reckon.

I know a chap who works with Westpac here in ChCh who is a decent bloke. If you want, I'll PM you his number so you can email or call him. Also know a lass in ANZ who does the same so that'll give you 2 folks to chat to.

Good luck
Hi
Thanks for the replies.

If you would please PM me the bank contacts you have that would be really helpful.

I'm already in NZ - forgot to update my location! Will do that now. We're on work to residency visas and should have residency any day/week now, so no problems from that side of things. Just the job situation to get sorted now.

Thanks again.
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Old Feb 26th 2008, 12:58 am
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Default Re: Mortgage while on fixed employment contract

Originally Posted by miss_ck View Post
Hi
Thanks for the replies.

If you would please PM me the bank contacts you have that would be really helpful.

I'm already in NZ - forgot to update my location! Will do that now. We're on work to residency visas and should have residency any day/week now, so no problems from that side of things. Just the job situation to get sorted now.

Thanks again.
we got one baised on wife full time on going contract and i'm self employed

The banks asked for two years worth of books, but explained just arrived etc and got the mortgage.

Moral, ask the bank nicely and be as honest and open with them as possible

Adie
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Old Feb 26th 2008, 6:57 am
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Default Re: Mortgage while on fixed employment contract

An update - spoke to a lady at ANZ today, who said that they offer 'unsupported' mortgages, which basically means that you sign a bit of paper saying that you are capable of making the repayments that you are commiting yourself too. Seems weird to me, but apparently it's all good and legal - sweet as if so!
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